No Beneficiary Statement

[Guest Michael Anderson]

A company has a Prevailing Wage plan. They had an employee who received a contribution within his first week of employment. We had not been informed that he had been hired. We received the money and set up an account and a time to meet with him to fill out necessary paperwork. He quit the company the next day. The day after that he died. We have no paperwork and therefore no beneficiary sheet. He was not married. 100% vesting on entry into the plan. Account is worth a little over $25. What do we do with the money? Thanks!

[Blinky the 3-eyed Fish]

The plan document will have a hierarchy of beneficiaries in absence of a completed beneficiary designation form, so that will dictate to whom the money goes. Now you just need to find out the hierarchy and find out who and where that beneficiary is.

At least this guy got a day off before he went.